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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Why". Just Ask Ben Why. 2015-06-22. Retrieved 2018-05-12.

a b "Publication 925 (2017), Passive Activity and At-Risk Rules Internal Revenue Service". www.irs.gov. Retrieved 2018-05-12.

What Is Residual IncomeIn the personal finance world, the word residual income actually has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, normally on a monthly basis. Basically, its your expendable income.For a more visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is great, but it isnt what were concerned with in this piece.

Rather than earning an hourly wage, residual income is usually generated through an initial investment of time or money with the objective of earning continuous payments. Once the initial investment, product, or service is created, the ongoing income that's earned is generally passive in nature.Why If You Build Residual IncomeDeveloping residual income is an important part of building long-term wealth.

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Even when you saved enough to provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to reside on is that the money you have saved. Once it's gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, it will grow and continue growing for many years to come.The more residual income you can construct, the better off youll be.

By creating passive income flows that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to make money which helps shield you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it requires a lot of hard work with no guarantee of a return.With that saidI think its super important to construct as many passive income streams as possible.

Consequently, if that sounds like a fantastic idea to you, have a look at this list of simple ways to make residual income and get started right away! .

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You can work your butt off to make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them take a good deal of work.

Passive income is money you make out of a product or an investment where you dont need to do any more work once you set it up. That means consistent cash flow each month if youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way you will ever reach financial independence.

Im going to share my seven favorite passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands per month you can count on.

If you want more great videos on making money and making your money work for you, dont forget to subscribe to this YouTube channel. Its free and were growing a check my site great community. Subscribe and Join the Community.

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Im going to begin with the easy passive income thoughts, the ones which you can begin making money on instantly and will work through to the ones youll make the most money on as we proceed through the listing so make sure you stick around to grab those last couple of passive income strategies. .

Our very first facet hustle idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts because theyre different kinds of sites.

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Swagbucks is a get-paid-to site so that you get paid to do things like take polls, play video games, watch videos and try out free product samples. Doing each of these, you earn points which are ordinarily convertible to one hundred points for a buck.

Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks consumers have redeemed over $344 million in rewards for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found that the money works out to just under $2 an hour this isnt something thats going to make you rich. Youd have to work 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is you can do it when youre doing something else I flip through polls and other stuff while I'm cooking dinner or even flipping channels. .